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Soybean prices have attempted to breach the $1033.10 level but have struggled to maintain a position below it. Stochastic indicators are showing a loss of positive momentum, suggesting a shift towards a bearish trend in both the intraday and short-term outlook. The next downside targets are projected at $1000.00, followed by $985.00.
The bearish trend remains valid within the defined channel on the chart. A breach of the $1056.50 level would negate the current bearish outlook and could lead to a price increase.
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Today’s expected trading range is between support at $1000.00 and resistance at $1050.00.
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Trend Forecast: Bearish
